MCN Ventures: July 2021 Update

Vision

MCN Ventures is more than just a venture capital. Since its inception, MCN has invited more decentralized partners into the venture and successfully incubated its first project. Now, the real value-building can begin. MCN Ventures will soon become host to a complete cross-chain DeFi ecosystem.

Updates

Partners

MCN’s General Partners billtheinvestor and vfat.tools have promoted 5 active community builders to become Limited Partners, bringing the total value of MCN’s fund to 700,000 USDC. These new LPs have helped to build MCN’s website and farming pages, performed market research and analyzed potential projects to invest in, and started laying down the groundwork for a marketing campaign once farming is launched.

Interested in becoming an LP or a GP? Come join the discussion on Discord.

Project Incubation

MCN has helped to incubate xDollar, a multi-collateral stablecoin protocol on Polygon. Throughout the incubation process, MCN has advised the xDollar team and hosted a front-end to allow users to interact with the protocol. MCN will now be adding additional value to xDollar’s XDO token by bringing it into the MCN farming ecosystem.

xDollar now has a TVL of 3 million USD with 1.64 million xUSD stablecoins in circulation. MCN is providing the support needed to expand the xDollar protocol to allow for multiple types of collateral and bridge to multiple chains, making it a cross-chain protocol and aligning itself with MCN’s cross-chain ethos.

Project Investment

MCN has invested 50,000 USDC into boot.finance, the next-generation stablecoin exchange.

Farming

MCN will soon open up yield farming for the MCN token and MCN-partnered projects. MCN farming will consist of three types of pools:

1. MCN holders can stake their tokens to earn tokens from MCN-invested projects and share in MCN Ventures’ profits. This staking pool will be updated periodically with different rewards depending on current partnerships and portfolio performance.
2. MCN liquidity providers can stake their LP tokens to earn additional MCN rewards.
3. Other projects can partner with MCN to add their own tokens to the MCN farming ecosystem.

Stay tuned for more information on how to participate in MCN farming soon.

Airdrop

MCN’s airdrop to active community builders will start soon after the launch of MCN farming.

Snapshot

MCN has set up its own snapshot page where projects owners can submit proposals for integration into the MCN farming ecosystem. Proposals will be voted upon by MCN token holders and stakers.

MCN Ecosystem Moving Forward

In the coming months, MCN will be growing its ecosystem by providing greater support to MCN-invested projects, publishing industry and project reviews, and continuing to capitalize on new opportunities in the DeFi space.

One such new opportunity comes in the form of vetting new DeFi protocols and farms. With new projects launching daily, regular DeFi users and yield farmers are finding it increasingly difficult to ensure that new farms boasting high APYs are safe to enter. MCN will help to assuage these concerns by providing a vfat-approved review of new protocols via governance. MCN token holders can vote to review and list vetted projects in a special section on vfat.tools, giving these new projects greater visibility and giving users a greater sense of security when investing while increasing the utility of the MCN token.

To create a complete DeFi ecosystem, MCN will continue to focus on incubating and growing key DeFi protocols such as lending/borrowing protocols, collateralized stablecoins, DEXes and DEX aggregators, and yield farms and aggregators. MCN is also continually investigating and monitoring the growth of L2s and sidechains and considering partnerships that will bring liquidity to promising new networks.